Sam sounds received a $290 discount loan to purchase a stereo. the loan was offered at 16% for 90 days. find the interest in dollars and the proceeds for the following problem. the interest is $ . the proceeds are $

In order to solve this task you have to use a the interest formula.
So, the formula is I = Adt.
Keep in mind the value P = $290 which is the Amount of the loan,
d is the discount rate = 16% = 0.16
 t is period of time= 90days - simplify 90/365. So the period is 18/73.
Then calculate principle amount of money using this : (1 + rt).

Solution: 

Proceed = Amount - Interest:



The answer is $278.56

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